Company Overview. Presentation prepared for ABG Sundal Collier Alfonso Márquez de la Plata, CEO Puerto Montt, Chile

Company Overview Presentation prepared for ABG Sundal Collier Alfonso Márquez de la Plata, CEO Puerto Montt, Chile January 2012

Agenda 1. Overview 2. AquaChile 3. Financial Review 4. Growth Plan 5. New Developments

Empresas AquaChile at a glance AquaChile is a Chilean company producing and commercializing Atlantic Salmon, Pacific Salmon, Sea Trout and Tilapia. Chilean Salmon Companies by Market Cap (MUS$ )** 907 Is the largest producer in Chile of Salmon and Sea Trout. Owns 149 aquacultures licenses which provides a solid basis for its growth. Has more than 400 customers, in 50 countries and leads the world production of Pacific Salmon and Sea Trout. 54 th tons of Salmon and Trout and 19 th tons of Tilapia (2010) 417 405 380 101 Source: Bloomberg 70 th tons of Salmon and Trout and 18 th tons of Tilapia (2011E) Figures as of September 2011 (MUS$ ) Sales: 335.4 EBITDA*: 62.4 Net Income: 17.7 Net Debt: 62.2 Public since May 19, 2011 Market capitalization of US$ 907 millions as of January 5, 2011 Main Shareholders: Puchi and Fischer Family *Before fair value biomass adjustment **As of January 5, 2011 3 Fischer Family 33,0% Shareholder s Structure*** Puchi Family 33,0% Pension Funds 6,0% *** As of December 31, 2011 Others 33,92% Others 28,0%

25 Years of Successful Track Record Annual Sales In MUS$ Beginnings 25 years of history Merger with Salmones Pacífico Sur Track record forming strategic alliances Sustained growth 2006 2007 Period 3 rd largest world producer Global presence and reputation IPO and acquisition plans 326 Crisis ISA virus effects Financial restructuring New legal framework focused on long term sustainability Advantages of diversification 501 484 553 Today 440 Diversified business model Full vertical integration High growth potential Industry consolidation capacity 388 213 93 79 138 128 1986 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 4

Tilapia Pacific Salmon Sea Trout Atlantic Salmon Focus in Diversification for Success Main Figures* % of Consolidated EBIT % of Consolidated Sales Geographic Diversification Sales LTM MUS$ 51.6 WFE Tons Sales: 8,902 18% 15% X and XI Region EBIT LTM MUS$ 12.8 Sales LTM MUS$ 131 WFE Tons Sales: 25,049 41% 39% X and XI Region EBIT LTM MUS$ 28.6 Sales LTM MUS$105 WFE Tons Sales: 25,604 36% 31% X and XI Region EBIT LTM MUS$ 25.2 Sales LTM MUS$ 50.9 Guanacaste WFE Tons Sales: 17,265 EBIT LTM MUS$ 2.6 4% 15% Lake Bayano * Figures in MUS$ as of September 30, 2011 5

Agenda 1. Overview 2. AquaChile 3. Financial Review 4. Growth Plan 5. New Developments

AquaChile: A World-Class player in the Salmon and Tilapia Industry Vertical integration throughout the value chain 15 Years of Successful and Proven Genetic Development State of the art Sea Licenses and Productive Assets Global Presence and Reputation 7

Vertical integration throughout the value chain Integration AquaChile is completely vertical integrated in the Salmon and Tilapia business. The Company adds value to all of its productive chain, from genetics up to sales. SALMON AND SEA TROUT GENETICS FRESH WATER Eggs & Smolts SEA WATER Farming PROCESSING COMMERCIALIZATION FEED TILAPIA FRY PRODUCTION FARMING PROCESSING COMMERCIALIZATION GENETICS FEED* * The feed plant will be finished during 2012 8

AquaChile: A World-Class player in the Salmon and Tilapia Industry Vertical integration throughout the value chain 15 Years of Successful and Proven Genetic Development State of the art Sea Licenses and Productive Assets Global Presence and Reputation 9

Genetic: 15 Years of Successful and Proven Genetic Development Aquainnovo: Created to be a world class center for genetic improvement in aquaculture AquaChile 83% Universidad de Chile 15% Increase in harvest weight of the Pacific Salmon In WFE kg 2,54 3,56 D 40% Others 2% 1999 2009 Improvement in Tilapia conversion factor of ACI Group 2,09 1,95 1,92 1,70 1,65 Reduction in the Tilapia s on growing cycle In number of days 456 384 345 D 19% D 36% 290 2007 2008 2009 2010 2011e 2007 2008 2009 2010 10

AquaChile: A World-Class player in the Salmon and Tilapia Industry Vertical integration throughout the value chain 15 Years of Successful and Proven Genetic Development State of the art Sea Licenses and Productive Assets Global Presence and Reputation 11

Fresh water: Wide Capacity and Flexibility AquaChile will produce smolts to not only supply its needs but also to eventually sell to third parties Production capacity in million of smolts Pacific Salmon Sea Trout Atlantic Salmon 41.6 17,8 17,8 Capacity 26.5 4,8 21,7 Capacity 25,2 8,6 7,8 Capacity Own Capacity Long Term Contract Projects Under Construction Concrete projects to support growth Chaicas Project Smolts Project Type of Facility Recirculation Hatchery Recirculation Hatchery Capacity 120 million eggs and 12.6 million smolts 12.6 million smolts Disease free eggs and smolts Yes Yes Property Call option for 100% of the ownership 100% 12

Sea water: Largest and Non-Replicable Licenses Base Largest licenses base and neighborhood presence in the industry Capacity for organic growth Operational and productive continuity Continuous supply to clients Los Lagos Region INDUSTRY Total of 24 neighborhoods AQUACHILE 56 Licenses in 12 neighborhoods Species diversification Natural, climate and sanitary risks diversification Licenses and neighborhood by producer Company # Licenses % # Neighborhood % AquaChile 149 14.3% 29 50.0% Marine Harvest 141 13.5% 26 44.8% Multiexport 86 8.3% 22 37.9% Camanchaca 73 7.0% 14 24.1% Los Fiordos 64 6.1% 12 20.7% Mainstream 63 6.1% 16 27.6% 50% of neighborhoods Of the Los Lagos region Aysén Region INDUSTRY Total of 34 neighborhoods AQUACHILE 93 Licenses and 17 neighborhoods Unimarc 52 5.0% 14 24.1% Australis 50 4.8% 12 20.7% Pesca Chile 50 4.8% 10 17.2% Otras 313 30,1% Total 1,041 58 50% of neighborhoods Of the Aysén region Licenses Neighborhoods /Subpesca 2009 13

Processing : Installed Capacity to Absorb Growth 6 plants with a total capacity of 191,000 tons, including one of the largest plants in the World Current production capacity of Chilean processing plants In thousands of WFE tons 68 16 25 25 36 21 Cardonal Cailín Hueñocoihue Antarfood Calbuco Costa Rica Plant Type Value Added Whole Salmon Whole Salmon Value Added Value Added Value Added PAC-HACCP Certification Yes Yes Yes Yes Yes Yes Location Puerto Montt Quellón Dalcahue Chonchi Calbuco Guanacaste Diversity of Salmon Products Diversity of Tilapia Products Whole HG Trim C Whole Filets Trim D Trim E 14 Portions Breaded Filets

AquaChile: A World-Class player in the Salmon and Tilapia Industry Vertical integration throughout the value chain 15 Years of Successful and Proven Genetic Development State of the art Sea Licenses and Productive Assets Global Presence and Reputation 15

Commercialization : Global Presence and Reputation AquaChile has over 400 clients in more than 50 countries in the five continents Destination of AquaChile s main Salmon, Sea Trout and Tilapia sales In WFE tons Operations Exports from Chile in 2010 in nets tons Exports from Costa Rica in 2010 in nets tons 16

Our Brands and Our Main Clients Renowned Brands Reputable Clients 17

Agenda 1. Overview 2. AquaChile 3. Financial Review 4. Growth Plan 5. New Developments

Recovery and Profitability Revenues In MUS$ 213 326 501 484 553 440 388 378 EBITDA In MUS$ 20% 43 25% 27% 80 136 10% 49-3% -9% 15% 18% 58 67-16 -40 2004 2005 2006 2007 2008 2009 2010 2010 IFRS Net Income In MUS$ 26 12% 51 84 16% 17% 15 3% -75-14% -142-32% 2004 2005 2006 2007 2008 2009 2010 2010 IFRS 45 12% 58 15% 2004 2005 2006 2007 2008 2009 2010 2010 IFRS EBITDA EBIT In MUS$ 35 68 EBITDA Margin 120 Sanitary Crisis: Caligus and ISA Virus 33-35 Legal change: Industry Revival -64 44 50 2004 2005 2006 2007 2008 2009 2010 2010 IFRS Net Income Net Margin Note: The gray bars represent values in Chilean GAAP 19

Recovery and Profitability (Cont..) Sales Volume, by specie In thousands of WFE tons EBIT per kg Pre IFRS Adj. In US$ per WFE kg Acum. 3Q 2010 Acum. 3Q 2011 23,3 Acum. 3Q 2010 Acum. 3Q 2011 8,8 8,9 11,5 18,6 15,1 13,5 1,4 0,4 0,9 0,5 1,1 0,3 0,3 0,8 Atlantic Salmon Pacific Salmon Sea Trout Tilapia EBITDA Pre IFRS Adj. In MUS$ 120% 62,4-1,1 Atlantic Salmon Pacific Salmon Sea Trout Tilapia Net Income In MUS$ 305% 17,7 28,4 4,4 Acum. Q3 2010 Acum. Q3 2011 Acum. Q3 2010 Acum. Q3 2011 20

Solid Financial Position Net Debt / EBITDA In times PCGA IFRS Net Debt In MUS$ PCGA IFRS 6,07 6,70 300 389 397 389 2,07 1,79 1,28 - - 0,68 88 144 174 62 2004 2005 2006 2007 2008 2009 2010 Sep-11 LTM 2004 2005 2006 2007 2008 2009 2010 sep-11 Restructured Financial Debt Maturity Total Restructured Debt: MUS$ 182 58,5 33,7 41,2 18,7 22,5 0,0 0,0 7,5 2011 2012 2013 2014 2015 2016 2017 2018 21

Financial Summary In mus$ 3Q10 2010 1Q11 2Q11 3Q11 LTM QoQ YoY Sales 72.405 387.841 135.884 96.960 102.568 466.706 42% 31% Operational Cost (1) -61.814-299.848-93.231-80.235-85.024-345.443 38% 21% OPERATIONAL MARGIN 10.590 87.993 42.653 16.724 17.545 121.263 66% 76% Other Cost and Operating Expenses (2) -4.511-30.269-9.923 698-5.297-29.567 17% -5% EBITDA pre FV adj. 6.079 57.724 32.730 17.421 12.248 91.697 101% 120% Depreciation -2.118-16.587-4.890-5.454-4.105-22.388 94% 67% EBIT pre FV adj. 3.961 41.137 27.840 11.967 8.143 69.309 106% 142% Net revenues from Biological Assets (3) -512 9.290-9.948 4.211-7.648 1.854 1393% 125% EBIT post fair value adj. 3.449 50.427 17.892 16.178 495 71.163-86% 150% Other Non Operating Items 2.189 7.667-8.391-6.402-2.034 289-193% 78% NET INCOME 5.638 58.093 9.501 9.776-1.539 71.451-127% 305% EBITDA Margin 2010 2011 3Q11 Total Assets 485.526 571.376 569.234 794.940 752.512 752.512 55% 336% Total Liabilities 505.708 538.395 528.300 378.439 337.504 337.504-33% 146% Total Equity -20.182 32.981 40.934 416.501 415.008 415.008-2156% -4423% (1) Operational Costs are calculated considering: Cost of Goods Sold minus depreciation, minus the higher cost of the biomass of fish sold arising from the revaluation for their natural growth (2) Other Costs and Operating Expense includes the accounts: "Distribution Costs" and "Sales General & Administration Expenses" (3) Net Revenues from Biological Assets, is the profit for the natural growth of the biomass of unsold fish, plus the higher cost of the biomass of fish arising from the revaluation for their natural growth, minus the profit for the natural growth of the biomass of fishes sold (See note 11. Biological Assets ). 22

Agenda 1. Overview 2. AquaChile 3. Financial Review 4. Growth Plan 5. New Developments

Growth Plan Sowing In million of smolts 24 21 9 9 13 9 37 42 10 11 15 15 12 16 50 54 57 57 13 13 13 12 16 16 16 16 22 25 28 28 2009 2010 2011e 2012e 2013e 2014e 2015e 2016e Sea Trout Pacific Salmon Total Sales Volume 1 In thousands of WFE tons per species 110 92 88 72 24 18 18 24 19 27 27 21 23 28 37 29 30 15 22 CAGR 20% 151 27 29 39 55 179 31 32 39 77 202 36 215 41 32 32 39 39 95 102 2009 2010 2011e 2012e 2013e 2014e 2015e 2016e (1) For estimates, we assume that tons harvested equal sales volume Atlantic Salmon Sea Trout Pacific Salmon Total 24

Agenda 1. Overview 2. AquaChile 3. Financial Review 4. Growth Plan 5. New Developments

New Developments 1. AquaInnovo CITA 2. Salmones Chaicas 26

New Developments (Cont ) www.verlasso.com 27

New Developments (Cont ) www.verlasso.com Alejandro Cristian Verlasso salmon Verlasso farms 28